Cable: The City is a massive cesspit [the independent]
July 1, 2012 Leave a comment
The Government was under growing pressure last night to call a public inquiry into the behaviour of Britain’s bankers as the Business Secretary, Vince Cable, admitted the sector was a “massive cesspit” that needed cleaning up.
Even business leaders turned on the City and demanded a cull at the top of British banks, with some investors at Barclays agitating for a management change after its £290m fine for trying to fix Libor, the rate banks charge to borrow from each other.
The Bank of England Governor, Sir Mervyn King, launched a scathing attack on the banking industry and demanded a “real change in culture”.